Local market recovered from the opening fall before weak China data took the market down to finish flat for the day. The best performers were Telcos, Financials and Energy while Gold, Staples and Property were the worst performers. US/China deals…will get more Beef, Poultry, financial Services, Agri/Bio and Energy access for US producers into China…more competition for Australian producers. Federal Court case on franchise model involving Pizza Hut will make market worry about the implication to all the franchise models like RFG, CTX etc. Oroton has gone into trading halt…market expecting a downgrade…there is value in the brand but likely to see a lot more pain before that emerges.


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